Cash for Clunkers Update: Dealers claim $1.03 billion
Filed under: Autos | By: Jamie Pert
Posted on: August 11, 2009 | 2 Comments
An article on AutoBlog yesterday is reporting that as of Friday August 7th over 245,384 Cash for Clunkers claims have been submitted, these 245,384 claims totals up to around $1,030,000,000, this leaves the Cash for Clunkers program just under $2 billion left, and at the rate that these claims are going through the recently government approved budget increase may not last much longer
The figures show that in a comparison between Wednesday and Friday a 33 percent jump in Cash for Clunkers claims occurred, this means that from Wednesday to the time of the approval on Fridays dealers were running the risk of their claims not being approved, luckily for them the claims did go through.
It is likely that the $2 billion budget increase will be the last for the Cash for Clunkers program, how long this budget increase will last is hard to say. Check out AutoBlog for further details.
Do you think another budget increase is likely?
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I think you may have misinterpreted the data you refer to. If you read the report at AutoBlog again, you will see that the $1.03 billion you refer to is the total value of dealer claims submitted from the inception of the Cash for Clunkers program in July UNTIL August 7th, not the value of claims SINCE August 7th. This means that almost none of the $2 billion extension has been “spent”. The AutoBlog article made the point that the extension was signed by President Obama on August 7th, on the same day as the initial $1 billion was depleted.
A scheme that actuaally benefits the ordinary people. Absolutely brilliant in spite of its drawbacks